Funding arb · Price arb /

SAPIEN

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h 0.000%

Price spread now: Bitget against Bybit−0.203%7-day average −0.140% · you buy dearer than you sell

Net, funding: paid 7d − costs−$210as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$2102.099% of the position

Long on Bybit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days0.000%$0 on $10k

Price spread, last 4 days (all we have)+0.136%+$14 · spread now −0.203%, 7d avg −0.140%

Together, before fees+0.136%+$14 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.063% cheaper against Bybit than usual: you would sell low and buy high, −$6 on $10k if it goes back to its 7-day average of −0.140%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SAPIENUSDT	0.07876	0.0100	pay 0.0050% / 4h	1h 16m	$507K	$106K	20x
Short	Bitget SAPIENUSDT	0.07860	0.0100	get 0.0050% / 4h	1h 16m	$603K	$259K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee BitgetbpOrdersPrice spread, now −0.203%Rate

Funding earned: $0
Price spread: −0.203% → −0.140%: −$6.31
Slippage, 4 orders: −$186.85
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$216.16
Costs to cover: 2.099%
Break-even: never at this rate

Slippage from Bybit: live order book, 39 min ago; Bitget: live order book, 44 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 39 min ago	3.83 bp	70.5 bp −$70	doesn't fit	doesn't fit	doesn't fit
Sell Bitget live order book, 44 min ago	8.98 bp	30.5 bp −$30	223.8 bp −$2,238	doesn't fit	doesn't fit

SAPIEN on 12 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
BloFin SAPIEN-USDT	+0.0067%	4h	0.07866	−0.127%	$91K	$15K	25x	as long as short
Aster SAPIENUSDT	+0.0100%	4h	0.07861	−0.195%	$45K	$4K	5x	as long as short
Binance SAPIENUSDT	+0.0100%	4h	0.07870	−0.073%	$2.0M	$993K	25x	as long as short
Bybit SAPIENUSDTlong	+0.0100%	4h	0.07876	long leg	$507K	$106K	20x
OKX SAPIEN-USDT-SWAP	+0.0100%	4h	0.07867	−0.114%	$166K	$77K	10x	as long as short
MEXC SAPIEN_USDT	+0.0100%	4h	0.07868	−0.102%	$9.3M	$104K	50x	as long as short
KuCoin SAPIENUSDTM	+0.0100%	4h	0.07868	−0.102%	$711K	$2.9M	30x	as long as short
Bitget SAPIENUSDTshort	+0.0100%	4h	0.07860	−0.203%	$603K	$259K	25x
BingX SAPIEN-USDT	+0.0100%	4h	0.07871	−0.063%	—	$6.5M	—	as long as short
Variational Omni SAPIEN	+0.0100%	4h	0.07875	−0.012%	$9K	$3K	—	as long as short

Show all 12 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Extended SAPIEN-USD	+0.0104%	1h	0.07868	−0.102%	$2K	$157K	5x	as long as short
Gate SAPIEN_USDT	+0.0406%	4h	0.07871	−0.063%	$872K	$67K	50x	as long as short